Agence France-Presse . Frankfurt

German chemicals group Henkel said Wednesday it planned to cut 3,000 jobs and sell a stake in a US affiliate to cope with soaring raw material costs and stiff competition and to finance an acquisition.

The restructuring programme, launched in response to 'changing market conditions, especially with regard to ever stronger competition and increasing cost pressure,' will cost 500 million euros ($750m), Henkel said.

Details of the cuts, aimed at saving around 150 million euros per year from 2011, will be announced once they have been worked out in detail and discussed with unions, a statement said. The maker of Persil washing powder, Fa shower gel and Duck Tape currently employs around 50,000 people, four-fifths of whom are outside Germany.

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